News: Cyclone Marcia to cost IAG up to $90M

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Insurance Australia Group Limited (ASX:IAG) has warned of the financial impact following Tropical Cyclone Marcia hitting Queensland last month. 

 

The insurance company expects the weather event will result in a net claim cost of between $60 million and $90 million. 

 

IAG has received about 3,500 claims for damage, much of which relates to property damage caused by heavy rains and high winds. 

 

Despite the anticipated impact IAG has not made any changes to its financial forecasts for the full 2015 financial year. 

 

IAG’s net profit slipped almost 10 per cent to $642 million in the first half of the 2015 financial year.